Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,900/mo
Lowest payment- Down payment
- $201,685
- Funds due
- $213,150
- Interest + MI left
- $150,655
- First ends
- Sep 2048
Assumption
Assumption + second
$3,074/mo
+$1,174/mo- Down payment
- $41,685
- Funds due
- $54,716
- Interest + MI left
- $413,303
- First ends
- Sep 2048
New loan
New conventional
$3,038/mo
+$1,138/mo- Down payment
- $41,685
- Funds due
- $51,356
- Interest + MI left
- $545,848
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,315 | $213,315 | $373,315 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,286.43 | $1,286.43 | $2,528.97 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $179.21 | $179.21 | $74.66 |
| Taxes, insurance & HOA | $434.00 | $434.00 | $434.00 |
| Total housing payment | $1,899.64 | $3,073.66 | $3,037.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,685
Closing costs & prepaids$13,031
Usable credit−$0
Total buyer cash needed$54,716
Earnest money paid−$0
Remaining funds due$54,716
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$498.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$238.27
Prepaid interest, second (9 days)$315.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing21 yr 9 moOf the original 30-year loan at 4.53%
Interest already paid$87,672Through Dec 2026
Assumption only · ends Sep 2048$150,655
Assumption + second · ends Sep 2048, second Jan 2057$413,303
New conventional · ends Jan 2057$545,848